Heron Therapeutics up on cost reduction plan, job cuts

Heron Therapeutics

24/07/2023 14:17

** Shares of drugmaker Heron Therapeutics  HRTX.O  rise ~5%
to $1.45 premarket
    ** Co announces a cost reduction plan and corporate
restructuring, which are expected to result in cash savings of
~$75 mln through 2025
    ** Corporate restructuring to reduce the company's employee
base by 25% 
    ** Cost reduction plan to focus on streamlining operational
expenditures, including reductions in R&D and general and
administrative expenses, while aiming to achieve profitability
in late 2024 - co
    ** As of last close, HRTX shares down ~45% this year

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))